Wednesday 13 December 2017

Cashbook grows by making e-transactions pay

FINANCE: Greg Coulter of Cashbook Software International
FINANCE: Greg Coulter of Cashbook Software International

IRISH company Cashbook has been providing global cash automation solutions since 1992 and boasts major international clients, including TGI Friday's, Abbott Laboratories and Makita Tools.

Based in Limerick, Cashbook's product is now being used in over 35 countries and has interfaced with over 200 different banks. Its software provides cash application, electronic payments and bank reconciliation functionality for global, local and shared service centre deployments.

Explaining the role Cashbook plays, managing director Greg Coulter says: "Our goal for our clients is to reduce the amount of financial resources they are putting into applying payments, reconciling bank statements, and paying vendors to minutes, not days".

Its expanding global presence resulted in an exclusive partnership with Infor in 2010, the third-largest ERP software player, behind SAP and Oracle. Cashbook's availability in all major languages and experience in global banking needs were the deciding factors in Infor's selection.

Looking to the future, Cashbook has developed a new 'thin-client' that allows users instant access to their financial data.

Cashbook chairman Martin Whelan explained: "Multi-billion dollar ERP systems such as SAP or Oracle are cumbersome of both time and money, requiring millions of dollars and months to upgrade. We provide a proven product alternative to costly ERP development companies".

Ken Kilmartin

Audit and assurance partner, BDO Ireland

Cashbook's growth to date has been remarkable. However, what is even more remarkable is the fact that the company has achieved this growth without any external debt or financing. All the financing to date has been achieved through support from the shareholders, steady growth and profitability, and positive cash flows.

The next phase of the company's development may require it to seek alternative sources of finance to aid its expansion into new markets and provide cashbook solutions for different industries. The directors may look to debt finance (bank loans, asset finance, invoice factoring/discounting, mezzanine debt) or equity finance (Enterprise Ireland funding, venture capital funding, EIIS) as their preferred solution.

It is vital that Cashbook secures a funding partner suitable to its needs and aligned with the growth strategy of the company, be this short term or long term. Attracting funding providers requires a professional approach and strategy. The use of advisers who have the experience in dealing with these funding providers may be critical to getting said funding partners on board.

Diarmuid Hendrick

Advisory partner,

BDO Ireland

Cashbook has a proven 20-year track record in delivering global cash automation software solutions. However, as the company enters into a significant growth phase with its new product offering, it is essential that excellent customer support and product implementation is maintained.

For a start, Cashbook should consider providing its software to medium-sized businesses via the cloud.

A key requirement, based on our experience with our clients, is the need to reconcile, manage and forecast cash flow. Cashbook has the existing software to offer this solution.

As the company continues on a path of significant international growth, it is important to ensure that the correct foreign corporate and tax structures are put in place to maximise value for both the company and its owner-managers.

Foreign tax compliance and corporate structure can add significant cost if not correctly managed from the start. BDO, an Irish advisory firm with a global presence, has worked with Cashbook to ensure that its structure is optimised for international growth.

Maurice Carr

Recruitment partner,

BDO Ireland

Cashbook is a technology-based business that is enjoying a steep growth curve. As it is competing in a high potential and challenging global market, it will need to maintain high levels of excellence in its human resources policies. This is crucial, as both employee and outsourced staff solutions will no doubt be key enablers in ensuring the current growth and the longer-term success of the business.

As the company continues to manage its growth, it is essential that Cashbook develops its HR support function and processes, which will be the engine that will drive the business as it continues to move to achieve its potential.

Developing the profile of the company as an employer of choice will be a key factor in attracting and retaining high-performing employees both locally and internationally.

This will be achieved through developing bestpractice human resources solutions and through pro-active marketing of the company as a successful, growing business, and an enjoyable place to work with excellent opportunities to develop career skills and be well remunerated.

Sunday Indo Business

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